SkyePharma PLC has announced that it has entered into a strategic marketing agreement with Medeus Pharma for the marketing and distribution of DepoMorphine(TM) in Europe. DepoMorphine(TM) is SkyePharma's novel sustained-release injectable formulation of morphine for relief of moderate-to-severe post-operative pain. DepoMorphine(TM) was filed in the US and Europe last year and approvals are anticipated to commence in the second half of 2004.
SkyePharma Chief Executive Michael Ashton said: 'The structure of this agreement represents a strategic shift away from upfront milestone payments towards deriving a greater share of future revenues for our products, and demonstrates our commitment to improve the quality of our earnings by reducing our dependence on irregular milestone payments.
The premium share of sales we will receive for DepoMorphine(TM) reflects the substantial advantages that we believe our product can deliver for patients, physicians, anaesthetists and hospitals. Our clinical trials have shown that DepoMorphine(TM) has the potential to significantly improve the treatment of pain after surgery, a well-recognized area of unmet medical need. We believe Medeus Pharma has the right therapeutic focus and targeted sales effort to maximise the potential of DepoMorphine(TM) in Europe and we look forward to working with them.' Bryan Morton, Chief Executive of Medeus Pharma, said: 'Adding this terrific product to our portfolio of critical care and oncology products reflects the interest in our 'Window on Europe' business model. We look forward to a strong collaboration with SkyePharma to bring DepoMorphine(TM) to the market in Europe.'